AML Compliance

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AML Compliance

The UAE has one of the region’s most advanced Anti‑Money Laundering and Counter‑Terrorist Financing (AML/CFT) regimes, with strict expectations for banks, financial institutions, and DNFBPs such as real estate brokers, precious metal dealers, auditors, and company formation agents. Prema Consulting helps you navigate these rules with practical, risk‑based solutions so you stay compliant, avoid penalties, and protect your reputation.

What is AML compliance?

AML compliance is the set of policies, controls, and procedures that help your business prevent, detect, and report money laundering, terrorism financing, and related financial crimes. In the UAE, this includes conducting risk assessments, performing customer due diligence, monitoring transactions, screening for sanctions and PEPs, and reporting suspicious activity through the goAML platform to the Financial Intelligence Unit

Our AML Compliance Services

AML Policy Design

Develop and update AML/CFT policies, procedures, and compliance manuals tailored to your business, regulator, and risk profile.

Risk Assessment

Conduct enterprise‑wide AML business risk assessments to identify and prioritise key exposure areas across customers, products, geographies, and channels.

KYC and Due Diligence

Set up or enhance customer onboarding, KYC, CDD, and EDD frameworks, including UBO identification and ongoing review cycles.

Transaction Monitoring

Design or tune transaction monitoring rules, alerts, and review processes to detect unusual patterns and potential suspicious activity.

Screening and Sanctions

Implement or refine PEP and sanctions screening processes and watchlist management to meet local and international expectations.

Regulatory Reporting

Support registration and use of the goAML system, and assist with preparing and filing high‑quality STRs, SARs, and other required reports.

Independent AML Review

Perform gap assessments or independent audits of your existing AML framework to test effectiveness and readiness for regulatory inspection.

Regulatory Reporting

Support registration and use of the goAML system, and assist with preparing and filing high‑quality STRs, SARs, and other required reports.

Who needs AML Compliance Support?

AML rules in the UAE apply to a wide range of “designated non‑financial businesses and professions” alongside traditional financial institutions. Prema Consulting supports:

Banks, exchange houses, and payment services.
Real estate brokers and developers.
Dealers in precious metals and stones.
Auditors, accountants, and tax advisors.
Company formation, trust, and corporate service providers.
Fintech, virtual asset, and high‑risk trade or cash‑intensive businesses.

These entities must demonstrate robust AML frameworks, file timely reports, and respond quickly to inspections by their supervisor or law enforcement.

Why AML Compliance matters?

Strong AML compliance is now a Board‑level priority in the UAE, especially after recent legal reforms and enforcement actions under the new AML law and national strategy. Effective AML programmes help you:

Avoid significant fines, licence restrictions, and reputational damage.
Maintain stable banking relationships and correspondent lines.
Protect your business from being misused for fraud, sanctions evasion, or terrorism financing.
Demonstrate governance and integrity to investors, partners, and regulators.

Our AML Approach

Prema Consulting combines regulatory insight, sector experience, and practical technology know‑how to build AML frameworks that work in real life, not just on paper. The focus is on simple, risk‑based controls, clear documentation, and staff who understand their obligations, so your organisation can grow confidently while meeting all AML/CFT expectations in the UAE.

FAQs

What are the key elements of an effective AML framework?

Core elements include a documented AML policy, risk assessment, KYC and customer due diligence, ongoing monitoring, sanctions and PEP screening, staff training, record‑keeping, and an appointed AML/Compliance Officer or MLRO.

What is goAML and why is it important?

goAML is the UAE’s online platform for registering obliged entities and submitting Suspicious Transaction Reports and other AML filings. Being registered and using it correctly is essential to meet reporting obligations and avoid regulatory issues.

How often should AML policies and risk assessments be updated?

They should be reviewed at least annually, and more frequently when there are major business changes, new products, higher‑risk customers, or updates to UAE AML/CFT laws and guidance.

What are the consequences of weak AML compliance?

Consequences can include substantial fines, personal liability for senior management, licence suspension or cancellation, loss of banking relationships, and serious reputational damage.

Which businesses are required to follow AML rules?

Banks and financial institutions must comply, but so must many non‑financial businesses such as real estate brokers, dealers in precious metals and stones, auditors, accountants, law and consulting firms, and company formation or corporate service providers.